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Posted on 08/31/2007 8:22:09 AM PDT by EagleUSA
WASHINGTON - Offering federal aid for strapped mortgage holders, the White House outlined proposals Friday to help borrowers hard hit by credit problems and the housing slump.
The initiatives, to be formally unveiled by President Bush, were intended to help homeowners with risky mortgages keep their homes. Bush also was to discuss efforts to prevent these kinds of problems from arising in the future.
It was the administration's first efforts to deal with an expected wave of mortgage defaults fueled by the subprime-mortgage crisis.
White House press secretary Tony Snow said he could not provide an estimate of how much the proposals would cost taxpayers or what affect they would have on the housing market. He bristled at questions about why the measures had not been taken sooner. "I'm sure we'll have plenty of time for backseat driving," Snow said.
The White House said the plan was not a bailout for lenders or speculators.
(Excerpt) Read more at news.yahoo.com ...
My question is why?
More AP bias?
unnnnngh...you should be president. Yes! that's it!
Exactly. No one helped me pay my mortgage. I can’t believe what I’m seeing here. Seems like those of us who see to our debt get screwed again.
If one takes a mortgage and then cannot afford it then why is the GUBMINT bailing them out, why?If you cannot pay then u must not play.
Owl_Eagle
If what I just wrote made you sad or angry,
it was probably just a joke.
IF it’s not a bailout, what do you call it?
It sounds too good to be true.
I called the Whitehouse comment line to complain. The lady who took down my rant agreed with me and said this is getting ridiculous...
Bush said “responsibility” - but is he making the taxpayers responsible for bailing out people who don’t pay their mortgages?
No, it's true. And it's not good.
Back in the 80’s I had a mortgage of 6%. When I divorced it went to 17%. I made it on my own raising 2 kids with no help. This is socialism at it’s worst!
Because it might just be the right thing to do, if done right.
And it's politically expedient, too. You'll see.
The first brilliant stroke is this: the Fed must play hardball, or the markets will get even crazier. But the outgoing president can do something that helps real people, without throwing Wall Street a bone.
It's going to take a lot of very smart, honest historians a very long time to appreciate the subtle genius of this presidency, and I say now more than ever, he is on par with the top 3.
Never ceases to amaze me.
otherwise they begin to make themselves look foolish.
Well to be honest, almost everything the Gov does is a bailout. I expect the White House is trying to get ahead of the endless news stories we are about to see about poor saps losing their homes (women and minorities hit the hardest). Can’t you just hear the violins playing? ;-)
Bill Clinton, is that you? Are you blogging here? You're right, Bubba, this is the "right" thing to do - if you're a socialist politician pandering for votes by spending taxpayers' hard-earned money.
Good question, Va.
As long as the gov. is going to be so good to dumb property purchasers, why doesn’t the gov. simply buy the property for the dingbats in the first place. This is meant as a rhetorical question.
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